Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
The High Court held that the Assessing Officer had credible reasons to reopen the assessment u/s 147 for the Assessment Year 2011-12. During the search and seizure proceedings, statements of certain individuals connected with M/s Spaze Group were recorded u/s 131(1A), including Mr. Anand Singh, the proprietor of M/s JMD International. His statements revealed that he was not in control of the concern, and it was controlled by Sh. Kishori Sharan Goyal for providing "Bogus Billing to various entities." The record showed that M/s JMD International made payments to the petitioner, giving the Assessing Officer reason to believe that the petitioner's income had escaped assessment. The contention that all receipts were taxed in the previous Assessment Year 2010-11 was erroneous, as the petitioner's ledger account indicated receipt of certain amounts from M/s JMD International in the financial year 2010-11 (relevant to Assessment Year 2011-12). The court stated that it was unnecessary to examine the quantum of receipts, as prima facie, all receipts from M/s JMD International were not taxed in Assessment Year 2011-12. The petitioner's argument that the books of accounts were available with the Assessing Officer was unmerited, as.
The High Court held that the Assessing Officer had credible reasons to reopen the assessment u/s 147 for the Assessment Year 2011-12. During the search and seizure proceedings, statements of certain individuals connected with M/s Spaze Group were recorded u/s 131(1A), including Mr. Anand Singh, the proprietor of M/s JMD International. His statements revealed that he was not in control of the concern, and it was controlled by Sh. Kishori Sharan Goyal for providing "Bogus Billing to various entities." The record showed that M/s JMD International made payments to the petitioner, giving the Assessing Officer reason to believe that the petitioner's income had escaped assessment. The contention that all receipts were taxed in the previous Assessment Year 2010-11 was erroneous, as the petitioner's ledger account indicated receipt of certain amounts from M/s JMD International in the financial year 2010-11 (relevant to Assessment Year 2011-12). The court stated that it was unnecessary to examine the quantum of receipts, as prima facie, all receipts from M/s JMD International were not taxed in Assessment Year 2011-12. The petitioner's argument that the books of accounts were available with the Assessing Officer was unmerited, as.
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